Artificial intelligence (AI) is no longer a futuristic tech aspect. It’s here and it’s being used by everyone. Whether it’s asking Siri about what the weather will be like today or providing coding for programs, AI can do it all.
Some Canadian stocks offer ample opportunity still. Ones that have been using AI to their advantage for years and are likely to continue to see returns from its use. Today, let’s look at two AI-powered growth stocks investors can pick up today.
Kinaxis
Kinaxis (TSX: KXS) is a strong option if you’re looking for AI-powered growth stocks. The company is a supply-chain management company. Before the pandemic, I would write about the stock and how “boring” this was. However, I’ve since changed my tune.
That’s because we saw during and since the pandemic just how important supply-chain management is. If we don’t have a supply chain, there isn’t a way to get the products we need — not just a new pair of fun shoes but the products we deem essential.
Therefore, companies like Kinaxis stock need to have a fast solution when there are issues with supply chains. That’s where AI comes in. The company uses AI to power its “Rapid Response” initiative. This allows AI to identify and respond to problems in the supply chain as quickly as they arrive. Did the temperature drop in a truck holding meat? AI can respond. Is there cybersecurity issues? Again, AI can respond.
Yet the company has been hit during this economic downturn, missing its most recent earnings report. This is why now could be the best time to hop on, as the next earnings report is Nov. 2! You can get in on a high should the company surge back to normal. And that looks likely, given it made a recent acquisition.
For now, you can get a deal on the stock while Kinaxis stock trades down 7% year to date.
Open Text
Another option among strong AI-powered growth stocks is Open Text (TSX: OTEX). Open Text stock has been on the market for decades, providing ample amounts of historical data that can show investors just why this Canadian company is so strong.
Part of this comes from the company’s ability to shift with the times. The information management and software company now manages some of the biggest companies in the world. This includes companies such as Ulta Beauty and even Alphabet. And it’s only getting stronger, which we saw during its recent Open Text World event.
During the event, the company made announcements across a range of new AI products. Whether it was providing support to find a document, creating codes, or even identifying supply-chain issues similar to Kinaxis stock, the company now has a host of AI-powered products. All of these are designed to help its clients and, in turn, bring on new ones.
The company remains a “buy” recommendation across the board by analysts and is actually one of the few low-risk tech stocks you can buy. Again, thanks to a strong history of proving its worth to investors. And with shares up 19% in the last year, you could see that grow even more in the months and years to come.
